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Broker snap: Goldman puts Shanks under review
Thu, 09 Sep, 2010
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Broker snap: Goldman puts Shanks under review
Wed, 10 Mar 2010, 11:14:00
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Related Market Prices
Name
Value
Percent
Change
Shanks Group
100.00p
+0.10%
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Goldman Sachs has put its rating and price target on <b>Shanks</b> under review after the waste group ended talks with private equity group Carlyle about a possible offer. The broker notes that the 120p a share Carlyle offered puts Shanks' enterprise value at about 6.5 times earnings before interest depreciation and amortisation (EBITDA), significantly below historical multiples of about eight to 10 times EBITDA. It adds that the 150p a share Shanks previously said it would be willing to accept is equivalent to an enterprise value/EBITDA multiple of about 7.6 times.
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